WorksheetsQuiz on inventories
Total questions: 10
Worksheet time: 9mins
All of the criteria set in PAS 2 shall be met in order for an asset to be classified as inventory.
TRUE
FALSE
SOMEWHAT TRUE
SOMEWHAT FALSE
All storage costs may be capitalized as part of inventory cost.
TRUE
SOMEWHAT TRUE
FALSE
SOMEWHAT FALSE
List price is P1.2M with 25% trade disc, terms 2/15, n/60. How much is the payment if made within the disc period?
Php 1,200,000
Php 900,000
Php 1,176,000
Php 882,000
Compute for the total manufacturing cost.
Php 3,480,000
Php 2,200,000
Php 1,900,000
Php 2,280,000
Goods sold through FOB shipping point shall be excluded from the SELLER'S inventory.
TRUE
FALSE
The inclusion or exclusion of inventory in transit shall depend on the party who actually paid for the freight.
FALSE
TRUE
Inventory per physical count is P1,500,000. Compute for the adjusted inventory cost.
Php 1,800,000
Php 1,700,000
Php 1,500,000
Php 1,400,000
Goods sold through installment sales shall be generally excluded from the seller's inventory.
TRUE
FALSE
As to inventories in transit, which of the following shall still be included in seller's inventory?
Goods sold FOB destination
Goods sold FOB shipping point
Both Blue and Cyan
Neither Blue or Cyan
When incurring conversion costs in manufacturing inventories, which of the ff shall not be capitalized?
Depreciation of factory building
Salaries of factory admin employees
Salaries of production line workers
Depreciation of delivery truck
